Elon Musk and Jack Dorsey talk about Web3: here’s why

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey, two of the world’s most famous tech billionaires, shared their thoughts on a hypothetical new version of the internet this week: “Web3.”

While still a fuzzy concept, Web3 or Web 3.0 has been hailed by supporters as a decentralized version of the internet based on blockchain, the technology behind many of the major cryptocurrencies and non-perishable tokens, or NFTs. Large numbers of entrepreneurs around the world are trying to design and develop technologies and protocols that support Web3.

Supporters of Web3, who will follow Web1 and Web2, argue that today’s Internet platforms are highly centralized and controlled by a group of large Internet companies, such as Amazon and An Apple and Alphabet, Facebook’s dead parent company. . These companies have accumulated huge amounts of data and content that are shared over the Internet.

Sunday Musk Tweeter on Internet TikTok Interview between Bill Gates and David Letterman in 1995, asking: “Given the almost unimaginable nature of the present, what will the future be?”

He continued: “I am not suggesting that Web 3 is real; It sounds more like a marketing buzzword than it is right now; I just wonder what the future will be like in 10, 20, 30 years. 2051 looks like a crazy future! ”

A day later, Musk continued: “Has anyone seen Web 3? I can not find it. “

To the chagrin of Web3 fans, Dorsey hinted that it was already under the control of venture capital firm Andreessen Horowitz, one of the early backers of Facebook and Web3.

It’s somewhere between A and Z, Dorsey said. Twitter’s CEO resigned last month to focus on upfront payments, Block, formerly Square.

Ultimately, the army of Web3 supporters wants the power of the Internet to be in the hands of the people, not venture capitalists. They believe it is too big and too big for a small number of companies or investors to handle.

Today, the Internet is vital to the global economy and plays a role in supplying power to everything from nuclear facilities to hospitals.

But Dorsey believes that it is the venture capitalists and their backers who end up owning Web3. “He won’t get away with it,” he wrote on Twitter, sparking a backlash from fans of the concept. “After all, it is a central entity with a different name. “

His tweet received more than 26,500 likes and 5,900 retweets in nine hours, with some saying he was “completely wrong” or disagreed.

Outside of the internet, there is also a huge push to decentralize finance (DeFi), which is led by crypto entrepreneurs and enthusiasts for coins like bitcoin and ether.

A similar movement is taking place in the energy sector. All the energy to generate it was used by a select few companies and then sold to the masses. Now some people are taking control of their energy needs and making them more decentralized.

– CNBC Channel Ryan Brown Contribute to this report.

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